Marketing Research
Marketing research is the process through which businesses collect information about the needs of their customers in order to produce goods and services that are relevant to such needs (Aaker and Kumar 34). Marketing research involves five steps which are as follows. Problem definition is the first step of the process. It involves determining the purpose of the study, the information that is required and how such information will be used in the decision-making process (Aaker and Kumar 45).
Finding the relationship between service quality and demand is an example of problem definition in healthcare marketing research. Developing the research approach is the second step. This involves indentifying the research objectives, selecting the theoretical framework that will guide the study and listing the research questions (Aaker and Kumar 48). An example of a research question can be, “how does the quality of service affect demand?” The utility theory of consumer behavior is an example of a theoretical framework that can be used to answer this question during the research.
Formulating the research design is the third stage. It involves identifying the technique that will be used to obtain the needed data and how the hypothesis will be tested. Qualitative or quantitative studies are examples of research designs. The variables to be measured, the data collection methods and the sampling procedure are identified at this stage (Aaker and Kumar 56). Data collection is the fourth stage in marketing research. At this stage, the required information is gathered using the methods specified in stage three. Examples of data collection processes include interviewing the patients or administering surveys with questions that relate to the research topic.
Data analysis and presentation is the last stage. This stage is characterized by activities such as editing, transcription, coding and verification of the collected data (Aaker and Kumar 61). Statistical tools such as Chi-squares and ANOVAs are used to analyze the data in order to make it meaningful. Determining the correlation between service quality and demand is an example of data analysis. Presentation involves communicating the research findings. A research report is an example of research presentation method.
Market Segmentation
Market segmentation is the process of identifying the various categories of buyers using specific attributes in order to supply the right product to the right category of buyers (Rajan 67). There are five segmentations which can be explained as follows. First, geographical segmentation can be used to categorize the buyers (Rajan 72). In this case, geographical attributes such as domestic market or overseas market are used to segment the market. Thus the products offered in the domestic and overseas market can vary in quality and prices. Second, demographic segmentation can be used to segment the market. The segmentation in this case is informed by attributes such as age, income, gender, education and occupation (Rajan 80).
Thus a market segment will consist of buyers with similar demographic attributes. Third, psychographic segmentation can also be used to segment the market. Under this approach, the market is segmented by taking into account the values, social classes, aspirations, attitudes and lifestyles of the potential customers (Rajan 83). Thus these attributes will determine the goods and services that are enjoyed by various customers.
The fourth segmentation method is referred to as behavioral segmentation. It focuses on the benefits, occasions and loyalty or user states of the buyers (Rajan 87). Benefits are used to segment the market according to the quality that the consumers need. By using occasions, the market is segment according to the time when the products are used. Loyalty is used in segmentation by taking into account the frequency at which a product is used. Product segmentation is the last approach that can be used to segment the market. In this case, the features of the product such as quality, price and functionality are used to segment the market. Thus the products are differentiated in order to meet the expectations of various segments of the market.
Works Cited
Aaker, David and George Kumar. marketing research. New York: John Wiley and Sons, 2010. Print.
Rajan, Saxena. Marketing management. New York: McGraw-Hill, 2005. Print.